Panasonic Q2 Profits Surpass All Expectations on Tesla Battery Business Boost
Panasonic reported an 11% increase in Q2 operating profit Thursday, beating analyst expectations thanks to a solid performance from its Tesla battery business.
Panasonic - the main battery cell supplier for Tesla shared a profit of 92.8 billion yen ($886.34 million) for the July-September period, as opposed to 83.9 billion yen last year, leaving average analyst estimated of 33.67 billion yen to bite the dust.
Panasonic’s automotive components business indeed turned profitable, as its battery business for Tesla, coupled with the joint factory in Nevada and its Japanese plants, generated profits on the sales of Tesla electric vehicles. Tesla, meanwhile, reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by increased vehicle deliveries and sales of environmental regulatory credits to fellow automakers.
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